News List

Border haats or rural markets along the border of Bangladesh and India help to strengthen ties between the two countries, both culturally and economically. These border haats benefit local communities by providing opportunities for livelihood and social interaction.

The 9th Annual Ministerial Meeting of Landlocked Developing Countries (LLDCs) on Trade and Transport was held to discussed key issues in transport, transit cooperation, trade, and trade facilitation among LLDCs. Bhutan and Nepal sent delegations to the Meeting. They highlighted initiatives being taken to connect their countries to the global market, including bilateral agreements in the Bangladesh-Bhutan-India-Nepal subregion and the SASEC Trade Facilitation Program.

The Governments of Myanmar and Nepal are planning to sign a Memorandum of Understanding to boost their economic ties and increase trade. According to Myanmar Vice President U Myint Swe, Myanmar is seeking to increase its export volume to Nepal. Demand for imported beans and pulses from Myanmar is on the rise in Nepal.

The Bangladesh-India Business Meeting emphasized the immense prospects for bilateral investment and growth between Bangladesh and India. Mr. Tofail Ahmed, Commerce Minister, Bangladesh, urged India to take steps to reduce the trade deficit through removal of non-tariff and para-tariff barriers, improvement in facilities, mutual recognition of certificates and standards, and better connectivity.

Bangladesh and Sri Lanka are working to increase their trade volume and diversify their products to promote more mutually-beneficial trade. This commentary by Mr. Amila Muthukutti, Sri Lankan economist and business writer, discusses market opportunities in Bangladesh for Sri Lankan investors, and highlights how a Free Trade Agreement will pave the way for strong trade relations.

In a meeting with the Confederation of Indian Industry (CII), Mr. Kazi M. Azul Islam, Chairman, Bangladesh Investment Development Authority, promised CII delegates that Bangladesh will work toward improving the country’s ‘Ease of Doing Business’ to encourage more investors from India. Bangladesh has set a five-year target to improve its ease of doing business.

A new Agreement on Trade, Commerce, and Transit between India and Bhutan, enabling a free trade regime between the two countries, and providing for duty-free transit of Bhutanese merchandise for trade with third countries, has been approved by the Cabinet of India, in a meeting chaired by India Prime Minister Narendra Modi.

India is upbeat on India-Bangladesh bilateral relations, particularly on connectivity and bilateral trade. Mr. Harsh Vardhan Shringla, High Commissioner of lndia to Bangladesh, emphasized at a Metropolitan Chamber of Commerce and Industry meeting, that Bangladesh is integral to India’s Act East Policy and noted the many efforts to link the two countries.

The 15-kilometer broad gauge rail service from Agartala, India to Akhaura, Bangladesh is set to be inaugurated in June 2016. Funded by the Government of India, the railway project will reduce the 1,650-km distance between Agartala and Kolkata to 550 km and is foreseen to boost bilateral trade and business between the two neighboring countries.

Thailand is proposing a Free Trade Agreement with Sri Lanka, according to Thailand Deputy Prime Minister for Economic Affairs, Dr. Somkid Jatusripitak. The two countries have signed 3 memorandums of understanding and letters of intent to triple their bilateral trade by 2020, bringing it from $500 million to $1.5 million in 5 years.

The first annual bilateral consultation between the Government of Bhutan and the Government of Sri Lanka, held on 16 November 2015 in Colombo, discussed cooperation in regional and multilateral forums, and air connectivity. Membership of regional organizations and frameworks, including SAARC and BIMSTEC, was emphasized by the two countries as one way to strengthen links and enhance trade and economic cooperation.

Several agreements were signed during Indian Prime Minister Narendra Modi’s visit to Dhaka, Bangladesh on 6-7 June 2015. The agreements included a $2 billion line of credit, as well as others in the areas of trade, connectivity, and cooperation in power supply. The two-day visit further strengthened bilateral relations between the two neighboring countries.

The India-Bhutan Bilateral Trade and Transit Meeting was held in Thimphu, Bhutan from 25-27 May 2015 to create a trade value chain between India and Bhutan and remove bottlenecks impeding trade flows. Such trade and transit talks are held regularly between the two countries and strengthen bilateral trade cooperation. The meeting resolved some pending issues from the January 2014 meeting.

West Bengal Chief Minister Mamata Banerjee has proposed a joint business council for Bangladesh and India to meet by April 2015 to address existing disputes in bilateral trade and business. The proposal followed discussions with business leaders during a 3-day visit to Sonargaon, Bangladesh.

Sri Lankan President Maithripala Sirisena’s recent visit to India after assuming office last month allows both countries to adopt a fresh approach to bilateral ties. New leadership in both New Delhi and Colombo has the potential for economic cooperation in development, commerce, and trade. According to Prime Minister Narendra Modi, India is proud to be a trade partner of Sri Lanka and plans to take bilateral relations to a new level.

The first Bangladesh-Nepal Expo 2015 in Kathmandu, Nepal attracted about 100 private businesses and more than 10,000 visitors. Enterprises from Bangladesh showcased the wide variety of products Nepal’s business community can source from Bangladesh. The fair opened potential areas of trade and encouraged entrepreneurs from both countries to create business linkages with each other.

Bhutan’s Prime Minister Tshering Tobgay has agreed with Bangladesh Prime Minister Sheikh Hasina to close trade gaps by exporting more goods and expanding the list of products free of tax and duty enjoyed by both countries. Bhutan’s total trade volume with Bangladesh is worth about US$ 25.6 million. Bangladesh is the only country in the South Asian Association for Regional Cooperation region in which Bhutan has a trade surplus.

The Governments of the Maldives and the Unites States of America held their first bilateral discussion since signing the Trade and Investment Framework Agreement in 2009, to discuss engagement procedures, labor, intellectual property, and the investment climate. Minister of Economic Development Mr. Mohamed Saeed announced the Maldives’ plan to lessen economic reliance on tourism, including changes to the investment climate through Special Economic Zones Act.

Japan Prime Minister Shinzo Abe’s recent visit to Sri Lanka recognized the country’s promise as a future regional hub. As maritime and agro-based nations, both Japan and Sri Lanka have advantages in developing bilateral trade. Japan will extend its technologies and skills to Sri Lanka, improve infrastructure, and reduce power shortages in the country. Sri Lanka will provide maritime access to huge markets and ensure freedom and safety of navigation in the region.

Following a meeting with Bangladesh Prime Minister Sheikh Hasina on the sidelines of an India-Bangladesh business conclave on 24 August 2014, Tripura Industries and Commerce Minister Tapan Chakraborty said that Bangladesh will allow neighboring countries to use Ashuganj and Chittagong sea ports for multi-modal transport. This move is expected to further enhance economic integration among South Asian countries.

Bangladesh Finance Minister Mr. Abul Maal Abdul Muhith told reporters that good relations between Bangladesh and India are beneficial to both countries. Prior to the press interview, Finance Minister Muhith met with visiting Asian Development Bank Vice President Mr. Bindu Lohani to discuss further enhancing connectivity between Bangladesh and India.

As Sri Lanka-Bangladesh trade crosses the $100 million mark for the first time, Bangladesh seeks to set up an investment promotion mechanism to increase trade volumes and improve bilateral trade. The Investment Protection Agreement (IPA) incorporates investment fundamentals for Bangladesh investors looking at Sri Lanka as a future trade partner.